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jacksonjanice · Joined: 18 Jan 2008 Posts: 2 1.95 Dollars($)

I am looking for a lawyer in the Chicago area. I currently live out of state, Texas, and am attempting to buy my dad's property which is a reverse mortgage property in Chicago. Don't wan't to pull from the yellow pages. I am not doing very well using this site and have already asked this question. Don't think it went through. If is did, sorry for the duplication.

tgolden · Posted: Tue Jan 29, 2008 5:10 pm Post subject: Tony Golden

Hello Jackson Janice,

I do not know of any lawyers in Chicago. I would recommend contacting the lender that holds the reverse mortgage as they would have used a lawyer to process the deal to begin with
tg

Guest

Thank you for your prompt reply. One more question. Bank of America aquired the reverse mortgage assets of Seattle Savings Bank which was the original lender for the loan. I was told that Seattle Savings was a reverse mortgage lender only and one would have to aquire a loan from another bank to pay off the reverse mortgage loan. Wouldn't the bank that could not reverse theyou could not aquire a loan from them.

Guest

the original lender for the loan. I was told that Seattle Savings was a reverse mortgage lender only and one would have to aquire a loan from another bank to pay off the reverse mortgage loan. Does Bank of america operate as Seattle mortgage so far as reverse mortgages are concerned? Correction to message sent in error.

sara

Hi Janice,

Bank of America doesn't operate as Seattle Savings Bank when it has offers reverse mortgages. As far as buying a reverse mortgaged property is concerned, I don't think you can do it until and unless the reverse mortgage is paid off. Another way would be to refinance the reverse loan with a new loan in your name.

Take Care

ckalvesmaki · Posted: Wed Jan 30, 2008 7:12 am Post subject:

Are you going to be paying cash for the home? Is your father still alive? If you are going to financing the home then your mortgage broker or banker should be able to walk you through the steps......and handle those issues.

Guest

I have run into several cases where heirs want to "buy back" the home whether or not the parent is alive, just so they have a mortgage they can pay down the traditional way and I remind them that in most cases they can pay down the reverse mortgage as long as the senior is alive. They need not incur the costs to get a new mortgage. They also have 6-12 months to pay the lender, after the borrower dies or moves. If,however, the family does not want to sell the house then they will need a new mortgage. If they are local and a family member plans to live in the house, then it becomes a matter of their income and credit. If they are not local, then in addition to those issues, they may have to satisfy a new lender that there will be sufficient involvement of the family in the management of the property.

Guest

Got answers to my original question posted on jan 18. "is it necessary in the state of Ill to go to probate..." Still a bit confused. If I only need an affidavit of heirship, why do I have to pay to go to probate since there is no will to sort out? Also, if I get the property in my name and then I am not able to get the type of loan I want, only interested in FHA because everything else is too scary, will it go against my credit if the property is forclosed on? I would like to take sound advise and not touch my IRA before I am 59 1/2. To answer other questions posed, parients are deceased, heirs say they will sign, quitclaiming property to me only. The property is in the Chestefield Chatam area. I am retired and have property in Dallas that will be sold or rented, proberly rented. Thanks for all you support.

Caron

Hi,

I agree with what LeGrand is saying here. Anyone willing to purchase parent's home can pay off the reverse loan in parent's behalf and then go for the purchase. I'm a bit skeptical as to whether a reverse mortgage lender can allow the heir to purchase a property and allow him to pay for it as long as the senior is alive. By the way LeGrand, are you a lender?

"is it necessary in the state of Ill to go to probate..." Still a bit confused. If I only need an affidavit of heirship, why do I have to pay to go to probate since there is no will to sort out?”

If there's no Will, there's no question of going for a probate. If you are one of the heirs and have a share of interest, you need not worry as the other heirs are ready to quitclaim their shares to you. So, there's no problem in getting the full ownership rights. And, there's no need to pay for the probate also.

In case you don't get an FHA loan and allow the lender to foreclose, well then your credit will surely get affected. Why do you think other loans are scary? You may go for a 10-15 year fixed rate loan too as rates are comparatively lower now.

Good luck

Guest

If parents are deceased, the family needs to get a new mortgage in the next few months to payoff the reverse if they want to keep the house. Yes, there are other options to FHA, both thru community banks, major banks and brokers. But will Janice be moving to Chicago(Brr!) to occupy the house or will another relative or a renter live there. This makes a difference on the type of loan you can get at on what terms.

Yes, I am a reverse mortgage lender with a background in community lending and I grew up in Chatham.

Caron · Posted: Thu Jan 31, 2008 11:50 pm Post subject: RE: what about community banks?

Hi Yvette,

I understand there are banks and brokers for options to pay off reverse mortgages. But are community banks very strict in their lending or are they like credit unions where terms and conditions are somewhat relaxed?

Guest

One last question before I go forward. in 1998, the cook county state's attorney's office field suit against a remodeling company and shut them down. This company was the reason my parents got a reverse mortgage. SCR took money and never remodeled. My father was getting periodic restitution payment checks: the payment varies depending upon the money collected. I new he would never get the money back in his life time, but are the heirs still entitled to the checks once the reverse mortgage is paid off and the house is refinanced?

helping_user

Janice,

I don't think the heirs would get the restitution checks after the father's death. Off course if any heir is dependent on the father, he may get the checks after his death. It's better you talk to the company sending the checks directly. And, it's important to inform them about the death of the person entitled to the checks because in case they come to know later on, they'll probably take some legal action.

Thanks.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

I don't think restitution will carry over to the heirs unless stated in the contract. I would see if you could dig up the paperwork that would outline the terms of that agreement. It might be available from the county that issued the restitution to be paid if you cannot find a copy.

Guest

Janice may wish to contact Shorebank in Chicago about getting a loan for her father's house. They are a community development bank in the area.

Yvette LeGrand
1st Reverse Financial Services
630-574-1000

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